v3.25.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Schedule of components of the provision (benefit) for income taxes, net

The income tax provision for the years ended December 31, 2024 and 2023 consists of the following:

December 31,

    

2024

    

2023

Current expense (benefit)

  

  

Federal

$

152,466

$

1,319,280

State

 

 

Deferred expense (benefit)

 

 

Federal

 

(340,644)

 

(457,790)

State

 

(129,941)

 

(192,083)

Change in Valuation Allowance

 

470,585

 

649,873

Income tax provision

$

152,466

$

1,319,280

Schedule of provision (benefit) for income taxes

A reconciliation of the federal income tax rate to the Company’s effective tax rate at December 31, 2024 and 2023 is as follows:

    

December 31,

 

2024

    

2023

Statutory federal income tax rate

21.00

%  

21.00

%  

State taxes, net of federal tax benefit

 

2.62

%  

(4.74)

%  

Change in fair value of warrant liabilities

 

(17.20)

%  

0.28

%  

Change in valuation allowance

 

(9.50)

%  

16.05

%  

Income tax provision

 

(3.08)

%  

32.59

Schedule of significant components of company's net deferred income tax assets

The Company’s net deferred tax assets at December 31, 2024 and 2023 is as follows:

December 31,

    

2024

    

2023

Deferred tax assets:

Capitalized start-up costs

$

1,276,291

$

877,440

Net operating loss carryforward

 

56,503

39,845

Total deferred tax assets

 

1,332,794

 

917,285

Valuation allowance

 

(1,332,345)

 

(861,760)

Net deferred tax assets

449

 

55,525

Deferred tax liabilities:

Accrued dividends on marketable securities held in Trust Account

(449)

(55,525)

Total deferred tax liabilities

(449)

(55,525)

Net deferred tax assets (liabilities)

$

$

Angel Studios, Inc. CIK: 0001671941  
Schedule of components of the provision (benefit) for income taxes, net

    

2024

    

2023

    

2022

U.S. Federal:

Current

$

(251,837)

$

1,098,349

$

(305,933)

Deferred

 

3,219,201

(3,219,201)

(366,667)

Total

 

2,967,364

(2,120,852)

(672,600)

U.S. State:

Current

(213,880)

204,535

(24,306)

Deferred

781,118

(781,118)

(68,279)

Total

567,238

(576,583)

(92,585)

Provision (benefit) for income taxes, net

$

3,534,602

$

(2,697,435)

$

(765,185)

Schedule of provision (benefit) for income taxes

    

2024

    

2023

    

2022

Federal income tax at statutory rates

$

(18,150,928)

$

1,326,085

$

(3,016,213)

State income tax at statutory rates

 

(2,975,942)

 

(228,939)

 

(422,908)

DTA adjustment

 

(235,346)

 

(115,470)

 

Change in valuation allowance

 

25,861,296

 

(2,348,227)

 

2,348,227

Federal tax credits

 

(789,620)

 

(1,216,878)

 

Other

 

(174,858)

 

(114,006)

 

325,709

$

3,534,602

$

(2,697,435)

$

(765,185)

Schedule of significant components of company's net deferred income tax assets

    

2024

    

2023

    

2022

Net operating loss carryforwards

$

18,872,026

$

$

1,044,440

Research and development

 

5,564,482

 

3,787,461

 

1,108,958

Digital asset impairment

 

1,491,329

 

1,920,228

 

1,919,244

Research and development credits

 

1,180,635

 

229,867

 

Depreciation and amortization

 

(190,587)

 

(330,698)

 

(305,337)

Impairment of equity investment

243,557

Accruals and reserves

 

(310,990)

 

(554,006)

 

(317,970)

Deferred gain on sale

 

(989,156)

 

(1,052,533)

 

(1,101,108)

Valuation allowance

 

(25,861,296)

 

 

(2,348,227)

$

$

4,000,319

$